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LONDON, ENGLAND, UK (FEBRUARY 6, 2018) (REUTERS) VARIOUS OF TRADERS ON THE BGC TRADING FLOOR ON THE PHONE TRADERS LOOKING AT SCREENS BILL BLAIN, MINT PARTNERS STRATEGIST AND HEAD OF CAPITAL MARKETS, TALKING TO COLLEAGUES (SOUNDBITE) (English) MINT PARTNERS STRATEGIST AND HEAD OF CAPITAL MARKETS, BILL BLAIN, SAYING: "There is no particular one contributing factor that is cause this what looks to be a major correction in the stock markets. People are concerned about rising bond yields, they're concerned about the signals that were now getting about inflation. But I think it's also a realization that many of the markets had become very frothy and there were fears about complacency. As soon as you get these fears occur, that's when people then take time to go, time to go short, put more money back into cash. It becomes self-perpetuating, one pebble becomes a whole stream rolling down the side of the mountain side and that's where we are this morning." VARIOUS OF TRADERS ON THE BGC TRADING FLOOR ON THE PHONE (SOUNDBITE) (ENGLISH) CHARLES STANLEY, CHIEF INVESTMENT COMMENTATOR, GARRY WHITE, SAYING: "This is the longest bull market I have possibly seen in my lifetime, it's been going on for eight years, so people are frightened it's long in the tooth. Bull markets end through overheating and central banks going a little bit too far in their actions, so people are concerned that that's what we're seeing now. This this whole sort of rout was really sparked by Friday's jobs report in the U.S. which was strong but it also saw quite a lot of wage growth." VARIOUS OF TRADERS ON THE BGC TRADING FLOOR LOOKING AT STOCK MARKET DATA (SOUNDBITE) (English) MINT PARTNERS STRATEGIST AND HEAD OF CAPITAL MARKETS, BILL BLAIN, SAYING: "There isn't the same feeling of panic. Certainly we've seen sellers taking their cash off the table, now what we're looking to see is where they put that cash back in. And with rising rates, although bond markets have been stronger today, we are seeing rising rates, it's unlikely cash is going to go back into the bond markets. It's more likely it's reinvested back into stocks as soon as people feel that a base has been touched and this becomes a real buying opportunity." TRADERS ON THE BGC TRADING FLOOR TALKING SIGN READING (English) "BGC ELECTRONIC BROKERS" TRADER EATING A BANANA WHILE LOOKING AT DATA (SOUNDBITE) (English) MINT PARTNERS STRATEGIST AND HEAD OF CAPITAL MARKETS, BILL BLAIN, SAYING: "The fear that really takes markets just now is about inflation. And if you take a look at the U.K. market, we've had a very successful inflation linked bond issue this morning and I think that's the kind of thing that Powell (U.S. Federal Bank Reserve Chairman, Jerome Powell) will be thinking about is how can he meet his three objectives. The first of which is jobs, the second one is inflation, and the third is how he addresses President Trump and tells President Trump well it's not about the strength of the stock market it's about the fundamentals in the economy." VARIOUS OF TRADERS ON THE BGC TRADING FLOOR (SOUNDBITE) (English) MINT PARTNERS STRATEGIST AND HEAD OF CAPITAL MARKETS, BILL BLAIN, SAYING: "It's very important to realize that rates are still well below normal. They have a significant amount to raise, before we start to get worried about rates and the inflation signals are still fairly benign." VARIOUS OF TRADERS ON THE BGC TRADING FLOOR (SOUNDBITE) (ENGLISH) CHARLES STANLEY, CHIEF INVESTMENT COMMENTATOR, GARRY WHITE, COMMENTING ON BITCOIN, SAYING: "People say Bitcoin is either you know the next global currency or a busted flush. Now I think the answer lies somewhere between the two. There is always going to be a market for it because there are a great deal of believers around the world that don't believe in Fiat currency and believe that central banks are impacting their wealth. So they will continue, but there will be a tension with regulators over the future. So I don't see it as an alternative to gold and I'm not mortgaging my house and buying any." VARIOUS OF TRADERS ON THE BGC TRADING FLOOR ON THE PHONE
Dateline: 2018

Rolling World Stock Sell-Off Runs To $4 Trillion

Item ID: 110559620

By: Reuters

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